US once again suspends sanctions imposed on NIS

Business Business: The United States has once again suspended sanctions imposed on Russia-owned Serbian oil company NIS, extending it to July 29, Serbia’s Minister of Minerals and Energy said recently. “The sanctions have been suspended, and we received written confirmation after a difficult diplomatic struggle,” the minister said.

The US Treasury Department had previously imposed sanctions on the Russian oil sector on January 10 and given Gazprom Neft 45 days to exit NIS’s ownership. NIS runs Serbia’s only oil refinery.